HSBC appoints new CEO to replace retiring Stuart Gulliver

HSBC, CEO Stuart Gulliver, who will retire next year, announced that John Flint is now head of individual banking and asset Management department.

One of Mr. Tucker's first tasks was to lead the search for the successor to Mr. Gulliver, who became chief executive in 2011. "Over the coming months, before he formally takes over the CEO role from Stuart, we will be working closely together to develop and agree the key actions required to ensure we build on and enhance HSBC's current momentum", HSBC chairman Mark Tucker said in a statement.

"Through the search process, John has developed with myself and the board a clear sense of the opportunities and priorities that lie ahead".

Mr. Flint, now 49, duly did both. He also will receive a fixed pay allowance of £1.7 million a year and an annual pension allowance of £360,000, as well as discretionary variable pay and a long-term incentive award based on the bank's performance.

'It has been my great privilege to lead HSBC as group CEO for the last seven years, Gulliver said.

As a company veteran, he is a safe pair of hands to succeed Gulliver.

During Stuart Gulliver's reign, Flint had reshaped Europe's largest bank to sell assets and shift resources to Asia after great penalties. This includes the important work of putting in place global standards for identifying and preventing financial crime'.